April 10, 2017 / 1:26 PM / 4 months ago

CORRECTED-China to allow policy banks to issue bonds on Shenzhen stock exchange

(Corrects to add policy bank bonds can also be traded on the Shanghai Stock Exchange)

BEIJING, April 10 (Reuters) - China will allow its policy banks to use the Shenzhen Stock Exchange to issue bonds, the exchange said in a statement on Monday.

Currently, such bonds can only be issued and traded on the interbank bond market and the Shanghai Stock Exchange.

China's securities regulator and central bank have approved expansion of this trading in a bid to further develop the country's debt market, it said.

Beijing has pledged to further open up its financial sector but is also struggling to contain risks from a rapid build-up in debt. China's total bond market was worth 57 trillion yuan at the end of 2016.

Trading of government debt futures also launched in Hong Kong on Monday but trading was slow as investors grappled with some operational issues and contract limits. (Reporting by Dominique Patton and Samuel Shen; Editing by Tom Heneghan)

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